Latest Trends In The Real Estate Industry
The real estate industry is growing at unprecedented speeds. It is fast, it is always moving, it is always changing. There are periods of highs and lows, but the demand for real estate is getting higher than ever nowadays because more people are staying at home due to the global pandemic.
The Real Estate Industry Today
In the United States in 2020, there were 5.64 million existing homes that were sold, according to the information from the National Association of REALTORS. Moreover, there are over three million active real estate licensees in the United States, based on the estimation by the Association of Real Estate License Law Officials or ARELLO. These are in the United States alone. What about worldwide?
Among the most universal showcases of prosperity and success is when the individual owns a home. This is also because owning properties serves as both a source of secure and stable housing, as well as long-term investment. Housing prices, having said this, vary according to countries and cities worldwide.
In 2020, Hong Kong has been named the most expensive city for owning properties, with the average residence costing over $1.25 million. Singapore also is at the top of the list as one of the countries with the most expensive real estate markets around the globe. Since there is a boom in the housing market today, there are countries like Turkey have experienced an increase in real estate prices since 2020.
With these, it is interesting to see the latest trends in the real estate industry. Here is a look at the recent trends that everybody, especially real estate investors, must be aware of.
Recent Trends In The Real Estate Industry
Millennials As Real Estate Investors
One of the emerging trends when speaking about the property industry is the presence of millennials who are gradually occupying a huge role in the demand for real estate. There are an estimated 74 million millennials who comprise the real estate consumers, surpassing the figures in the 1970s and the 1980s.
Loan Requirements Are Less Stringent
More and more investors are now offered the capability to purchase properties because loan requirements nowadays are less stringent. This makes it easier for anyone to purchase a home today following the recession in 2008.
Lower-Priced Properties Are Getting Higher Demands
It is interesting to note that low-priced properties have not experienced a big slowdown today compared with high-priced properties. There are also more demands nowadays with lower-priced properties, including those from millennials who are emerging in the market.
Homebuyers Are Looking For More Affordable Options
Popular business publications like Forbes are reporting that investors are becoming ever more open to purchasing more affordable properties than before.
Video Marketing In The Industry Is Here To Stay
More and more people are getting introduced to watching videos of beautiful homes. This video marketing strategy in the real estate industry is here to stay.
Find estate agents Limehouse investors, and across the country as well as worldwide, work with at Fisks London. Fisks London is a company that has a team of estate agents who provide services on property renting, buying, selling, let and management, landlord insurance, and furnishing and decorating. To get started, speak with their representatives today.